| Knowing your competition allows you to identify a | | | | industries. Some may have no direct competitor and |
| niche and develop your own unique selling proposition | | | | that's OK; acknowledging the potential is there--and |
| (USP). Clearly defining and understanding the core | | | | getting the "big picture" of where competing business |
| value you offer your clients can depend on your | | | | may lie--is what's important. |
| having a firm grasp of your competitors' strengths and | | | | 3) From this long list of competitors, pick your top three |
| weaknesses. The who, what, where, when, why, and | | | | and do a detailed competitive analysis. These are the |
| howKnowing your competition allows you to identify a | | | | three you should also use for your marketing plan. |
| niche and develop your own unique selling proposition | | | | Gathering informationThe next step in a competitive |
| (USP). Clearly defining and understanding the core | | | | analysis is gathering information through competitive |
| value you offer your clients can depend on your | | | | intelligence (CI). CI is the practice of gathering, analyzing, |
| having a firm grasp of your competitors' strengths and | | | | and disseminating information on what the marketplace |
| weaknesses. | | | | requires (the demand), about how and you and your |
| Where do you start? | | | | competitors meet these requirements (the supply), and |
| 1) Make a list of your competitors. Think big in this step. | | | | how each strives to meet market needs better than |
| Don't just think about your direct competition; think | | | | others (the competition). |
| about indirect competition in other industries as well. For | | | | Gather marketing materials, visit stores, call and ask |
| example, as a copywriter I could list my competitors as | | | | questions. These are common ways to collect |
| fellow copywriters that do freelance work. But I don't | | | | competitive data. I go straight to Web sites and find |
| want to stop there. Other potential competitors may | | | | almost everything I need there. |
| include large ad agencies, small ad agencies (each | | | | Here are a few things to look for while gathering |
| may play a different role with clients), technical writers, | | | | competitive information: |
| a company's in-house writers, journalists, and even | | | | What products/services competitors produce Who |
| fill-in-the-blank templates you can purchase on the | | | | their target audience is Guarantees, pricing, hours of |
| Internet. | | | | operation, and delivery options Overall, how do they |
| 2) From this broad-based competitive list, list specific | | | | position themselves (cheapest, best value, fastest, |
| companies you compete with. For example, in the | | | | unique, patented, etc.)? What is their USP? After |
| "other copywriters" category, I may list Sally Field, | | | | collecting this data, do a little analysis. What is your |
| Shelby Foot, and Joe Blow. Under the large agency | | | | competition really good at and what is it not so great |
| category, I may have only one or two large agencies I | | | | at? Are there any holes in their product offerings? A |
| run up against when bidding on projects. Follow this | | | | niche they're missing? How does your business fill in |
| procedure until you've gone through all the competing | | | | the gaps? |